Neco 2021 Commerce Question 17
Practice objective / multiple choice question 17 from the 2021 Neco Commerce examination.
An accountant prepared a trial balance that showed total debits of ₦1,250,000 and total credits of ₦1,240,000. Later she discovered that a purchase of ₦30,000 had been recorded on the credit side instead of the debit side, and that a depreciation expense of ₦12,000 had been omitted entirely. The income statement prepared from the trial balance reported a profit of ₦85,000. After correcting both errors, what is the revised profit?
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About This Question
This is Neco 2021 Commerce Question 17. It is one of the objective questions from the 2021 Neco Commerce examination.
Difficulty level: Hard .
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